I'm having the same issue. Worked fine until I upgraded APC+PHP to the latest versions, so there might be a bug there. Let me know how you get on @Renegade

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I just updated my Debian servers and noticed a problem also (basically php5-fpm was timing out) and I was seeing connection reset by peer errors in the log. Manually shut down php5-fpm and then issued a start and it appeared to fix my problem.

@optrex & @Renegade I was having the same problem on one server but not another server (same OS with same php setup). The other server could register new users fine. Got to looking and the difference was the way I had set up the cache in my config.php. The one that was working contains

Once I changed the non-working (for registration) to the above it began working (last registration attempts was Monday - when I think I upgraded to 1.2.2) and made the above change. Looked in the log and already had 8 spammers attempt to register and upon attempting to register I was able to with a new account. Might want to try the above in your config.php after enabling APC again.